The Palatka daily news. (Palatka, Fla.) 1884-1888, 1887-03-11
CHICAGO OPERATORS UNLOADING.
RUMORS OF FAILURES WHICH WERE
ArTERwARD DISPROVED.
THE GOVERNMENTS STATEMENT A GOOD
BEAR ARGUMENT.
The stan Grown too Hot for the ..Lonl.s''
to Held One Of the Sharpest De-
eiine> i'm Year>-Drop of
Five Cents

CHICAGO, March 10.-The Wheat mar
ket had "a weakened temper to-day. The
scenes of excitement which accompanied
the sharp advance of the preceding three
days, were rivaled shortly after IL
O'Clock, when there was a wild scramble
to unload long wheat on a falling mar
ket. There was large amount Of bear
news and disquieting rtimors, which pro-
voked a sort of half panic, and caused
one Of the sharpest declines in prices that
trade, has known for years. MAY delivery
dropped to ~ cents showing a full de
cline of ) cents from the top figures of
yesterday. Operators who had become
confirmed i'm their views that corner in
May wheat was projected. were divided
in their views as to whether the clique
had sold their holdings, or We're simply
allowing the market to- drop back in
order To shake out all the small dealers.
Enormous quantities of wheat Were
thrown on the market by local houses for
customers ON stop orders" and wher..
margins had expired
The market opened for MAY Wheat at
S4s cents, or ! cent lower than last night.
A rally To S6s cents followed, but under
the pressure of large offerings,
broke of to s:} cents. Considerable long
wheat was sold on the down turn, but
the impression was that it was outside
and scattered lots. and not wheat belong
ing to the bull clique. A rally TO s;'s
cents succeeded, with more confidence
shown by operators 1t was reported
that the proposed duty ON wheat in
France was to go into effect, and this
helped the depression. The Government
report. showing the amount of wheat on
hand to be i'm excess of year ago, was
also regarded as a strong bear argument.
While these statements may have had
their effect, it was noticed that several of
the former big bear operators had COM
menced To throw very large quantities of
wheat on the market Half million
bushel lots were offered by one or two
prominent hears, and, when the panic
was near its height. rumor was started
that several large houses had failed. The
result was that prices fell off in the
sharpest manner imaginable, until the
May option had touched 81
cents. a reaction to- Slt cents
followed where the market
rested at l o'clock. The rumor of failures
was disproven in the afternoon and the
market rallied to S24 cents apd closed for
the day at S2t(aS2f cents
Corn ruled steady and despite the big
break i'm wheat, maintained the price
fairly we'll The demand was active on
both local and outside accounts with
the shorts" buying freely. The start
ing price for May corn was 4s3 cents,
from which it advanced to 4ls cents,
then broke off to AIT cents, during the
panic in wheat, and closed for the day
at All cents. Oats ruled quite firm and
closed at yesterdays figures There was
very little doing in mess pork and there
was no quotable change in prices. Lard
was again active and string, and ad-
vanced 15@e0 cents per 100 pounds, fell
back, but closed fnlly 10 cents higher
than yesterday. Short ribs were shade
easier.